American Beacon [see profile]
just added a third sub-advisor to a three-star fixed income mutual fund. Today Penn Capital Management Company
joined the sub-advisory team for the $117.6-million American Beacon High Yield Bond Fund
, alongside fellow sub-advisors Logan Circle Partners
and Franklin Templeton sibling Franklin Advisers
Penn chief investment officer Rich Hocker
and PM Martin Smith
will join the fund's PM team, and it appears that the fees for the fund will rise by a few basis points (for instance, by three bps to 82 bps all-in for institutional shares).
could not immediately reach Hocker or American Beacon chief Gene Needles
for comment on the move.
Employee-owned and based in Philadelphia, Penn offers US equity, US fixed income, and alternative strategies.
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